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盛美半导体（ACMR）与Velo3D, Inc.（VELO）财务数据对比。点击上方公司名可切换其他公司
盛美半导体的季度营收约是Velo3D, Inc.的25.9倍（$244.4M vs $9.4M）。盛美半导体净利率更高（3.3% vs -231.9%，领先235.2%）。盛美半导体同比增速更快（9.4% vs -25.2%）。盛美半导体自由现金流更多（$20.1M vs $-8.3M）。过去两年盛美半导体的营收复合增速更高（26.7% vs -1.8%）
盛美半导体（ACM Research, Inc.）是全球领先的半导体制造设备供应商，专注于研发、生产及销售晶圆湿法处理相关设备，覆盖清洗、电镀、刻蚀等品类，产品广泛应用于逻辑、存储、功率等各类先进芯片的生产流程，服务全球多地区芯片制造企业。
Velo3D是全球领先的金属3D打印解决方案提供商，主营工业级金属3D打印机、配套专用加工软件及高性能金属材料，主要服务航空航天、国防、能源、半导体等高端制造领域，可生产传统工艺难以实现的复杂高精度金属零部件。
ACMR vs VELO — 直观对比
营收规模更大
ACMR
是对方的25.9倍
$9.4M
营收增速更快
ACMR
高出34.6%
-25.2%
净利率更高
ACMR
高出235.2%
-231.9%
自由现金流更多
ACMR
多$28.4M
$-8.3M
两年增速更快
ACMR
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $244.4M | $9.4M |
| 净利润 | $8.0M | $-21.9M |
| 毛利率 | 40.9% | -73.6% |
| 营业利润率 | 9.4% | -231.0% |
| 净利率 | 3.3% | -231.9% |
| 营收同比 | 9.4% | -25.2% |
| 净利润同比 | -74.1% | -2.9% |
| 每股收益（稀释后） | $0.11 | $-0.87 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ACMRVELO
| Q4 25 | $244.4M | $9.4M | ||
| Q3 25 | $269.2M | $13.6M | ||
| Q2 25 | $215.4M | $13.6M | ||
| Q1 25 | $172.3M | $9.3M | ||
| Q4 24 | $223.5M | $12.6M | ||
| Q3 24 | $204.0M | $8.2M | ||
| Q2 24 | $202.5M | $10.3M | ||
| Q1 24 | $152.2M | $9.8M |
净利润ACMRVELO
| Q4 25 | $8.0M | $-21.9M | ||
| Q3 25 | $35.9M | $-11.2M | ||
| Q2 25 | $29.8M | $-13.3M | ||
| Q1 25 | $20.4M | $-25.0M | ||
| Q4 24 | $31.1M | $-21.3M | ||
| Q3 24 | $30.9M | $-21.9M | ||
| Q2 24 | $24.2M | $935.0K | ||
| Q1 24 | $17.4M | $-27.5M |
毛利率ACMRVELO
| Q4 25 | 40.9% | -73.6% | ||
| Q3 25 | 42.0% | 3.2% | ||
| Q2 25 | 48.5% | -11.7% | ||
| Q1 25 | 47.9% | 7.5% | ||
| Q4 24 | 49.6% | -3.5% | ||
| Q3 24 | 51.4% | 49.4% | ||
| Q2 24 | 47.8% | -28.0% | ||
| Q1 24 | 52.0% | -28.8% |
营业利润率ACMRVELO
| Q4 25 | 9.4% | -231.0% | ||
| Q3 25 | 10.7% | -73.3% | ||
| Q2 25 | 14.7% | -85.4% | ||
| Q1 25 | 15.0% | -123.6% | ||
| Q4 24 | 19.7% | -167.0% | ||
| Q3 24 | 21.7% | -213.8% | ||
| Q2 24 | 18.6% | -187.7% | ||
| Q1 24 | 16.6% | -211.1% |
净利率ACMRVELO
| Q4 25 | 3.3% | -231.9% | ||
| Q3 25 | 13.3% | -82.0% | ||
| Q2 25 | 13.8% | -97.7% | ||
| Q1 25 | 11.8% | -268.4% | ||
| Q4 24 | 13.9% | -168.5% | ||
| Q3 24 | 15.2% | -265.3% | ||
| Q2 24 | 12.0% | 9.0% | ||
| Q1 24 | 11.5% | -281.2% |
每股收益（稀释后）ACMRVELO
| Q4 25 | $0.11 | $-0.87 | ||
| Q3 25 | $0.52 | $-0.65 | ||
| Q2 25 | $0.44 | $-0.94 | ||
| Q1 25 | $0.30 | $-1.87 | ||
| Q4 24 | $0.47 | $7.06 | ||
| Q3 24 | $0.45 | $-35.52 | ||
| Q2 24 | $0.35 | $1.65 | ||
| Q1 24 | $0.26 | $-55.51 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $792.9M | $39.0M |
| 总债务越低越好 | $214.0M | $31.0M |
| 股东权益账面价值 | $1.5B | $38.2M |
| 总资产 | $2.9B | $105.3M |
| 负债/权益比越低杠杆越低 | 0.15× | 0.81× |
8季度趋势，按日历期对齐
现金及短期投资ACMRVELO
| Q4 25 | $792.9M | $39.0M | ||
| Q3 25 | $1.1B | $11.8M | ||
| Q2 25 | $463.2M | $854.0K | ||
| Q1 25 | $475.6M | $3.9M | ||
| Q4 24 | $426.8M | $1.2M | ||
| Q3 24 | $353.8M | $1.6M | ||
| Q2 24 | $343.6M | $3.2M | ||
| Q1 24 | $230.0M | $10.9M |
总债务ACMRVELO
| Q4 25 | $214.0M | $31.0M | ||
| Q3 25 | $242.0M | $23.0M | ||
| Q2 25 | $225.1M | $22.5M | ||
| Q1 25 | $202.5M | $21.7M | ||
| Q4 24 | $150.0M | $5.7M | ||
| Q3 24 | $150.0M | $32.3M | ||
| Q2 24 | $90.5M | $33.5M | ||
| Q1 24 | $60.0M | $44.0M |
股东权益ACMRVELO
| Q4 25 | $1.5B | $38.2M | ||
| Q3 25 | $1.4B | $29.9M | ||
| Q2 25 | $986.5M | $21.4M | ||
| Q1 25 | $949.1M | $32.8M | ||
| Q4 24 | $904.6M | $39.7M | ||
| Q3 24 | $888.2M | $34.4M | ||
| Q2 24 | $833.2M | $52.1M | ||
| Q1 24 | $796.2M | $45.5M |
总资产ACMRVELO
| Q4 25 | $2.9B | $105.3M | ||
| Q3 25 | $2.8B | $93.7M | ||
| Q2 25 | $2.0B | $78.4M | ||
| Q1 25 | $1.9B | $91.3M | ||
| Q4 24 | $1.9B | $89.2M | ||
| Q3 24 | $1.8B | $110.8M | ||
| Q2 24 | $1.7B | $116.7M | ||
| Q1 24 | $1.6B | $136.1M |
负债/权益比ACMRVELO
| Q4 25 | 0.15× | 0.81× | ||
| Q3 25 | 0.17× | 0.77× | ||
| Q2 25 | 0.23× | 1.05× | ||
| Q1 25 | 0.21× | 0.66× | ||
| Q4 24 | 0.17× | 0.14× | ||
| Q3 24 | 0.17× | 0.94× | ||
| Q2 24 | 0.11× | 0.64× | ||
| Q1 24 | 0.08× | 0.97× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $33.9M | $-7.7M |
| 自由现金流经营现金流 - 资本支出 | $20.1M | $-8.3M |
| 自由现金流率自由现金流/营收 | 8.2% | -88.3% |
| 资本支出强度资本支出/营收 | 5.6% | 6.4% |
| 现金转化率经营现金流/净利润 | 4.21× | — |
| 过去12个月自由现金流最近4个季度 | $-66.6M | — |
8季度趋势，按日历期对齐
经营现金流ACMRVELO
| Q4 25 | $33.9M | $-7.7M | ||
| Q3 25 | $-4.6M | $-6.0M | ||
| Q2 25 | $-44.9M | $-1.2M | ||
| Q1 25 | $5.3M | $-12.3M | ||
| Q4 24 | $88.6M | $-2.2M | ||
| Q3 24 | $11.9M | $-2.0M | ||
| Q2 24 | $61.6M | $-8.0M | ||
| Q1 24 | $-9.6M | $-20.5M |
自由现金流ACMRVELO
| Q4 25 | $20.1M | $-8.3M | ||
| Q3 25 | $-15.6M | $-6.3M | ||
| Q2 25 | $-59.6M | $-3.0M | ||
| Q1 25 | $-11.4M | — | ||
| Q4 24 | $77.2M | $-2.2M | ||
| Q3 24 | $-20.6M | $-2.0M | ||
| Q2 24 | $48.5M | $-8.0M | ||
| Q1 24 | $-35.1M | $-20.5M |
自由现金流率ACMRVELO
| Q4 25 | 8.2% | -88.3% | ||
| Q3 25 | -5.8% | -46.5% | ||
| Q2 25 | -27.7% | -22.2% | ||
| Q1 25 | -6.6% | — | ||
| Q4 24 | 34.5% | -17.7% | ||
| Q3 24 | -10.1% | -24.2% | ||
| Q2 24 | 24.0% | -77.1% | ||
| Q1 24 | -23.0% | -209.8% |
资本支出强度ACMRVELO
| Q4 25 | 5.6% | 6.4% | ||
| Q3 25 | 4.1% | 2.3% | ||
| Q2 25 | 6.8% | 13.3% | ||
| Q1 25 | 9.7% | 0.0% | ||
| Q4 24 | 5.1% | 0.2% | ||
| Q3 24 | 16.0% | 0.2% | ||
| Q2 24 | 6.5% | 0.0% | ||
| Q1 24 | 16.7% | 0.1% |
现金转化率ACMRVELO
| Q4 25 | 4.21× | — | ||
| Q3 25 | -0.13× | — | ||
| Q2 25 | -1.51× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 2.54× | -8.52× | ||
| Q1 24 | -0.55× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ACMR
| Total Single Wafer And Semi Critical Cleaning Equipment | $159.9M | 65% |
| ECP Front End And Packaging Furnace And Other Technologies | $64.1M | 26% |
| Advanced Packaging Exclude ECP Services Spares | $20.5M | 8% |
VELO
暂无分部数据
